USD/JPY bulls eye a continuation as the US Dollar bounces back to life USDJPY Currencies DollarIndex Fed
US Treasury yields hit new highs on Tuesday on the confirmation in the US data that both the services and manufacturing sectors have been robust in the month of February with S&P Global PMIs beating both prior and estimates. Investors are setting up for a longer-than-anticipated stiff monetary policy stance by the Federal Reserve following a slew of strong economic data. ''This process still has a ways to go, in our view,'' analysts at Brown Brothers Harriman explained.
''Strangely enough, an easing cycle is still expected to begin in Q4 but at much lower odds. Eventually, it should be totally priced out into 2024 in the next stage ofThe next major catalyst will be the Federal Reserve's release of the minutes of its last meeting on Wednesday, which will give traders a glimpse of how high officials are projecting interest
We have seen a number of reactions from the recent lows over many months of history in the DXY index as the above illustrates, so why would it be any different this time around? 101.00 is a strong level of support so the thesis is higher from here, in the meanwhile at least.retracement is eyed as the first target near 106.00 on a break of the prior month's highs of 105.35.From a daily perspective, the 104.
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